Is the basket of currencies between countries (say 1 dollar equal to 35 Indian rupees; etc.) correct and fair?

It depends on whether the currency is trading as "floating", or "fixed exchange". Value of floating currencies, such as Australia etc is determined over each day by the demand for it, e.g. from foreign purchasers of goods, or foreign investors, and the currency is traded on an open market through banks and other exchanges. Floating value can also be affected by the interest rate offering in the particular country (so there can be conflict between lowering official interest rates to draw in foreign funds, and raising them to reduce consumption of imports especially and thereby controlling foreign debt and local inflation - becoming a global problem). Fixed currency value is set by the Government concerned. On the other hand, China's exchange rate is fixed, and it is unfair because in view of the economics of trade it should be higher value than it is (so Chinese corporations can invest in company shares etc in USA for less value than they should). There are also some preferences in exchange rates to assist "developing" countries - which is how China got the advantages it has, although it's economy is the fastest growing in the world. It is also growing as fast as it is, because the exchange rate allows its exports to trade at lower prices compared with others, making them more competitive. Junior wages generally can be considered "unfair" if the juniors contribute more value to the organization than they receive (e.g. McDonalds) - but fair enough if the junior is being trained in special skills or trade knowledge and requires extra supervision. So it depends. These days comparatively few juniors are really being trained so far as I can see - because most businesses, such as retail, operate by formula and self-serve. Even the seniors often know little about their products or the trade they are in. (I've seen shoe fitters testing the fit of shoes by pressing down on the toes, if they bend down at all!)

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Check with the World Bank

The economy of each country defines how much their money is worth.

Huh? You should go to school.

o